The former CEO of Trevi Realty pleaded guilty to stealing $1.6 million in company money to pay for cocaine and strippers.
According to federal prosecutors, Rockie Gajwani wired himself money and wrote company checks to pay for personal expenses.
In one case from 2012, he asked an employee to help him pay off a $16,000 credit card bill after a visit to a strip club. The employee agreed to write a company check after Gajwani gave her a check of the same magnitude labeled “expenses.”
Gajwani, who admitted to one count of wire fraud and three counts of tax evasion, agreed to pay $3.5 million. The former Vornado Realty Trust exec founded Trevi in 2011.
Trevi changed its name to Hubb NYC in 2015. Hubb picked up a 5,650-square-foot retail condo from Yair Levy’s daughters for about $20 million in January. It paid about $12 million for a 17-unit residential building in Hell’s Kitchen earlier this month. [NYP] – Konrad Putzier
(To view more commercial sales transactions from Hubb NYC, click here)